GST Bill debate LIVE: Lok Sabha passes all four Bills

GST Bill: Arun Jaitley says GST will end Tax terrorism, Congress says one-nation, one-tax is a myth

Finance Minister Arun Jaitley on Wednesday moved four GST Bills for consideration and passage in the Lok Sabha, which then took them up for discussion.

"The four bills are being taken together because the matter of the bills are same," Jaitley said while introducing the bills.

"Before the constitutional amendment, under the indirect tax regime Centre had right for implementing some taxes.... The discussion had been on for long for uniform tax system under which states and the Centre will share the tax collection," he said.

The Central Goods and Services Tax (CGST) Bill, 2017, along with three other GST Bills were moved for consideration in the lower house. The CGST Bill will enable levy and collection of tax on intra-state supply of goods and services or both by the central government, the Integrated Goods and Services Tax Bill, 2017, which provides for the levy and collection of tax on inter-state supply. The Goods and Services Tax (Compensation to States) provides for compensation to the states for the loss of revenue arising on account of implementation of the GST. The Union Territory Goods and Services Tax Bill, 2017, will enable levy and collection of tax on intra-state supply of goods and services or both by the union territories.

9:27 PM

The four bills, passed by the Lok Sabha, would next be presented before the Rajya Sabha.

9:26 PM

Finance Minister Arun Jaitley aims to roll out the new salestax from July 1 that will subsume a slew of federal and state levies, transforming a nation of more than 1.2 billion population into a single market

9:25 PM

Accusing the executive of abrogating the right of the legislature, which had never happened in the history of any country, Congress leader M Veerappa Moily said by passing the bill in its present form the members shall put the "last nail in the coffin" of their own sovereignty and legislative independence.

9:04 PM

The Lok Sabha passed the much-awaited Central Goods and Services Tax (GST) Bill, Integrated GST Bill, Compensation GST Bill and Union Territory GST Bill 2017, after negating all the amendments put forward by the Opposition.

8:32 PM

The Confederation of All India Traders (CAIT) today launched 'Mission GST', under which it will train 5,000 trade leaders across the country as master trainers who will educate about GST. 

8:28 PM

Jaitley said the tax beyond 28 per cent on luxury items will be considered as compensation tax for the next 5 years and the money will go to the fund from where states losing on tax will be compensated. 

8:27 PM

GST Bill debate | Noting that both the central and state governments are pooling their sovereignty to have this tax regime, he said that India, despite being one political entity, remained different economic entities with states having different taxes. "Trucks could be seen waiting outside state border as there was no free flow of goods," Jaitley added. 

8:25 PM

GST Bill | Jaitley clarified that commodities like food items will have zero tax

8:24 PM

Replying to a debate on the four bills related to GST in the Lok Sabha, he said all other taxes like entry tax in states will be removed once the GST is in place. "Once all other taxes are removed, goods will become slightly cheaper," he said.

8:20 PM

The bills introduced are the Central Goods and Services Tax Bill, 2017, the Integrated Goods and Services Tax Bill, 2017, the Goods and Services Tax (Compensation to States) Bill, 2017 and the Union Territory Goods and Services Tax Bill, 2017. 

8:11 PM

GST Bill debate | "It is incumbent on all of us to make sure that this federal institution works. The delicate balance between what the Centre and states have unanimously agreed is almost a federal contract. Its is federal contract with constitutional sanction," Jaitley said. 

7:43 PM

GST Bill debate | Arun Jaitley says, "The objective of the new tax regime was to establish such a system that when goods and services flow across company, taxes are levied at a uniform rate and a single window."

7:37 PM

Finance Minister Arun Jaitley defends the GSt Bills as he addresses the House. He said that multiple taxation system has hurt the nation's economy in the past. 

7:27 PM

7:26 PM

 Finance Bill: Govt faces embarrassment as 5 Opposition amendments adopted